Episode 40: Wize Mentoring: Build a business that runs without you Artwork

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Episode 40: Wize Mentoring: Build a business that runs without you

February 02, 2023 • Wize Mentoring for Accountants and Bookkeepers • Season 1 • Episode 40

0:00 | 4:52

Episode 40: Wize Mentoring: Build a business that runs without you

“A few years ago, I started my own firm and ended up becoming a slave to my business, and it ultimately put me in the hospital. I was doing crazy hours. I wasn't looking after my health and wasn't seeing my family. So over time, I reached out to different coaches and mentors and ultimately found a mentor called Ed Chan. And Ed Chan gave me a blueprint to scale my firm to get my life back so that my firm could run without me and give me a passive income.”

In this episode of The Wize Guys Podcast, Jamie Johns shared how he began his journey in building freedom to his ideal income and lifestyle through the Wize Mentoring program.

Wize Mentoring provides mentoring and tools to Accounting and Bookkeeping practice owners who are looking to scale their business whilst working less hours, earning more money, and having more choices in life.

Our global community of like-minded Accounting and Bookkeeping firm owners, our arsenal of proprietary tools, and our extensive track record of building successful Accounting firms are the cornerstones of our program's success

Timestamps:

0:35 - Jamie's experience having Ed Chan as a mentor

1:36 - Step #1: Begin with the end in mind

2:28 - Step #2: Break down the organizational chart into 7 divisions

4:11 - How can Wize Mentoring help you today

#wizementoring #accountingtips #freedom

Quotations:

“It's very important to get this organizational chart in place with the right people in the right divisions so that you can scale your firm.” - Jamie Johns

“So part of the Wize Mentoring course is to drill down and set up these ideal teams in a very methodical way so that you've got the right people in the right seat as JIM Collins says.” - Jamie Johns

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Email: support@wizementoring.com

Download the full transcript here.

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3. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 40: Wize Mentoring: Build a business that runs without you

Hi there, my name's Jamie Johns. I'm the CEO of Sky Accountants and Wize Mentoring.

I just wanted to take a few moments to explain what Wize Mentoring is about and how it might be able to help you if you are the owner of an accounting or a bookkeeping firm. A few years ago, I started my own firm and ended up becoming a slave to my business, and it ultimately put me in the hospital. I was doing crazy hours. I wasn't looking after my health and wasn't seeing my family. So over time, I reached out to different coaches and mentors and ultimately found a mentor called Ed Chan. And Ed Chan gave me a blueprint to scale my firm to get my life back so that my firm could run without me and give me a passive income.

I wanted to briefly share with you some of the steps that Ed took me on the journey that gave me the foundations to scale my firm. And the very first point was Ed said to me I needed to begin with the end in mind. And so with that, I wrote down what my life would look like when I'm 60. So I had a very clear picture of what my lifestyle vision was at that point. Then Ed said to me, ‘Jamie, you must determine your ideal income to fund that lifestyle.’ So then I looked at what I thought my ideal income should be, and we worked backward to the overheads. We looked at the gross profit, the cost of goods sold, and then ultimately what revenue I would need from my firm to fund that lifestyle. From that, we could determine the number of people I needed, and the teams that I needed to set up. And ultimately we formed a pretty good picture of an overall business plan.

The next step then that Ed took me through was the organizational chart. Now, the organizational chart in any accounting or bookkeeping firm is broken down into seven divisions the board of management, marketing, sales, production, quality, admin, and then accounts. It's very important to get this organizational chart in place with the right people in the right divisions so that you can scale your firm. Once you've done that, it's really important to drill down into division four, into the production side of it. A lot of firms get held up in their growth because they don't have enough capacity, they don't have spare capacity to service their clients and take new clients on.

So part of the Wize Mentoring course is to drill down and set up these ideal teams in a very methodical way so that you've got the right people in the right seat as JIM Collins says. From that, once you've determined your ideal lifestyle and your ideal income, you've mapped out your organizational chart, and then you've developed and made a blueprint for the ideal teams. It's really important then to systematize your whole firm, settle the firm up in terms of an intranet, in terms of policies and procedures that are accessible and online so that your team can follow those instructions and the business doesn't rely on you. There are just a few steps that you can follow to help get your firm running without itself. By all means, if you need more support and more guidance on this, sign up for Wize Mentoring, follow the trial and reach out to me in the Wize community to help you on this journey. So look forward to seeing you in the Wize community. Bye for now!